Mongolia is a landlocked country, located between the regions of East Asia and Central Asia. It borders Russia to the north and China to the south. It is known for vast, rugged expanses and nomadic culture. It has over 3.1 million inhabitants, where one third of the total resides in its capital, Ulaanbaatar. The capital centers around Chinggis Khaan (Genghis Khan) Square, named for the notorious founder of the 13th- and 14th-century Mongol Empire. Its official language is the Mongolian. Its legal tender currency is the Mongolian tögrög or tugrik (MNR), which has been constantly devalued during last 10 years.
Mongolia’s economy is mainly based on agriculture and livestock, and oil, coal and copper, with a smaller share of molybdenum, tungsten and phosphate mining. The industrial and agricultural sectors have a similar share in the country’s GDP. After decades of total control by the government, market reforms of the second part of the 90s, lead the economy through a difficult transition to capitalism, to an impressive growth during the 00s, until 2008, interrupted by the fall in prices of commodities. After a two years of stagnation, on 2011 its economy grew at a 17% rate. Followed by a gradual slowdown until now, where the economy remains stagnant with growth rates of 1% per year (2016)
Its main export products are copper, apparel, livestock, animal products, cashmere, wool, hides, fluorspar and other nonferrous metals, while its main imports are machinery and equipment, fuel, cars, food products, industrial consumer goods, chemicals, building materials, sugar and tea.
At Flag Theory, we find strategic locations worldwide to build your life internationally. Below, you can find why and how to get residency and citizenship in Mongolia, why and how to set up a company, investment opportunities and banking options for this Asian country.
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